In a major development, the World Bank has pledged a substantial $20 billion to support Pakistan’s development over the next decade. This commitment is part of the World Bank’s first-ever 10-year Country Partnership Framework (CPF) for Pakistan. The CPF aims to address some of the most pressing development challenges in the country and is aligned with Pakistan’s Home-Grown Economic Transformation Plan.
The $20 billion funding will be channeled through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD), with additional support from the International Finance Corporation (IFC). The CPF focuses on six key development areas:
- Child Nutrition: Tackling child stunting and improving overall child health.
- Quality Education: Providing quality education to 12 million students.
- Clean Energy: Adding 10 gigawatts of renewable energy capacity.
- Climate Resilience: Enhancing resilience to climate change and natural disasters.
- Inclusive Development: Promoting inclusive development and leveraging public and private investments.
- Healthcare Services: Expanding healthcare services to 50 million people.
Prime Minister Shehbaz Sharif has welcomed this pledge, highlighting that it reflects the World Bank’s confidence in Pakistan’s economic resilience and potential. He emphasized that the CPF aligns with Pakistan’s national priorities and will support the country’s long-term economic stability and growth.
The CPF also aims to increase Pakistan’s tax revenue to over 15% of GDP, provide clean water and sanitation facilities to 60 million people, strengthen food security for 30 million, and improve contraceptive access for 30 million women. Additionally, the plan will benefit 75 million people through enhanced flood and hazard resilience.
This substantial financial commitment from the World Bank is expected to play a crucial role in addressing Pakistan’s development challenges and supporting its economic transformation over the next decade.
Stay tuned for more updates on this.
